Oil Tumbles as Saudi-Iranian Discord Puts OPEC Agreement at Risk
- Iran’s Zanganeh insists country won’t curb crude production
- Saudi Arabia hints it could walk away from Vienna output talks
The Risk Off Trade on Oil Prices, European Politics
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Oil fell to a two-week low as an OPEC deal to curb output appeared in jeopardy after Iran and Saudi Arabia failed to bridge differences.
Futures tumbled 3.9 percent after Iranian Oil Minister Bijan Namdar Zanganeh told reporters in Vienna his nation won’t reduce production. A 10-hour technical meeting focusing on how to share the burden of cuts failed to resolve differences. Saudi Arabia is ready to reject an agreement unless all OPEC members, excluding Libya and Nigeria, participate, said people familiar with the kingdom’s current position at the talks.